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HAMILTON COVE A SELLOUT; KENNEDY-WILSON SELLS ALL 40 CATALINA CONDOS FOR A TOTAL OF $16.8 MILLION

 HAMILTON COVE A SELLOUT; KENNEDY-WILSON SELLS
 ALL 40 CATALINA CONDOS FOR A TOTAL OF $16.8 MILLION
 LOS ANGELES, April 7 /PRNewswire/ -- Kennedy-Wilson Inc., the nation's leading real estate auction-marketing firm, Sunday sold all 40 of the remaining luxury condominiums at Hamilton Cove on Catalina Island, 26 miles from Los Angeles.
 The simultaneous satellite auction brought in a total of $16.8 million and was attended by more than 800 people who crowded ballrooms at the Long Beach Hilton and the Catalina Island Casino in Avalon.
 A 3,500-square-foot estate villa sold for $905,000 and a 2,500- square-foot penthouse went for $910,000. Sales prices ranged from the high of $910,000 to a low of $290,000, with an average of $421,000.
 "We are thrilled with today's auction," said Lawrence H. Herber, owner representative of Hamilton Cove. "Kennedy-Wilson implemented a top-notch marketing program culminating in this exciting sale. In just under two hours, we were able to close out the development at a total of $16.8 million."
 "Auctions are increasingly becoming the marketing tool of choice for real estate developers and can be used effectively as a close-out sale, in the case of Hamilton Cove, or as the primary sales method," explained Bill McMorrow, Kennedy-Wilson chairman and chief executive officer.
 More than 1,500 prospective buyers traveled to Catalina during the five-and-a-half-week marketing period, with more than 700 people taking advantage of a complimentary yacht service.
 A pioneer in the field of real estate auction-marketing, Kennedy- Wilson Inc. has sold more than $2 billion of residential, resort and commercial real estate since its founding in 1977. In addition to its Santa Monica headquarters, the firm has offices in London, Boston, New York, Washington, D.C., Chicago, Dallas, Houston, Phoenix, San Diego and Orange County.
 -0- 4/7/92
 /CONTACT: Sydney Knott of Casey & Sayre, 310-457-3676, for Kennedy- Wilson/ CO: Kennedy-Wilson Inc. ST: California IN: SU:


DM-CH -- LA015 -- 5967 04/07/92 17:04 EDT
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Publication:PR Newswire
Date:Apr 7, 1992
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